CII calls for independent professional standards board
The Chartered Insurance Institute (CII) has commissioned research which has revealed that there is strong support for an independent professional standards board, rather than internal FSA governance.
The research came in two parts, the first half conducted with members and the second half with a wider spectrum of IFAs, with both segments showing a backing of two to one for an independent model.
CII Chief Executive Officer Dr Sandy Scott has that real professionalism will only take off once it gets past a culture of compliance and withstands the spotlight of scrutiny, as other professions do.
Dr Scott called for a standards board to be led independently, adding that a culture of trust and respect would benefit both the industry and its customers.
Dr Scott went on to call for greater public participation and said that failure to do so would mean missing an opportunity to enhance public confidence in the industry.
The FSA has also come under attack from the ABI recently, due to the rise in fees from general insurers.
Peter Vipond, director of Financial Regulation at the ABI, has said that there is little justification for the FSA to almost double its fees from general insurers over the last three years.
Category: Financial Services Authority News, Insurance News
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